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Income Tax - Union Finance Minister Nirmala Sitharaman in her maiden budget speech announced some income tax-related changes which will come into effect from September 1, 2019. Cash withdrawals exceeding INR 1 crore in aggregate in a year from finance institutions will attract TDS while in case of property transactions, the definition of immovable pro...
Read MoreIncome Tax - The article attempts to revisit the SC latest verdict on address updation in PAN Card which is must without which the assessee cannot claim that he was not served with notice issued to him under the Income Tax Act. In PCIT Vs IVen Interactive Limited, the Supreme Court’s judgement dt. 18.10.2019 says that mere mentioning […]...
Read MoreIncome Tax - In this article we have covered Meaning of Permanent Account Number (PAN), Its Utility,Procedure to Obtain PAN, Transaction in Which PAN is Mandatory,How to correct any mistake in PAN card or intimate any change in data pertaining to PAN...
Read MoreIncome Tax - It is a very common mistake at the time of submitting the TDS return that the PAN of the applicant entered wrongly, now this will make your TDS return defective and the applicant has to revise the same. TDS department will send the notice if they found PAN was wrong in the submitted return or […]...
Read MoreIncome Tax - Permanent Account Number (‘PAN’) is a 10-digit unique identification number issued by the Income Tax department to all judicial persons identifiable under the Income Tax Act, 1961 (‘the Act’). The primary objective of the PAN is to bring a universal tax identification to all the financial transactions and prevent tax evasion by ke...
Read MoreIncome Tax - It has been reported in some sections of the media that those PANs which are not linked with Aadhaar number by 31.03.2019 may be invalidated. The matter has been considered by the Central Government and now the cut-off date for intimating the Aadhaar number and linking PAN with Aadhaar is 30.09.2019, unless specifically exempted....
Read MoreIncome Tax - Link your Aadhaar with PAN today to enjoy seamless Income Tax services online How to link your PAN with Aadhaar Through SMS facility Send SMS to 567678 or 56161 in following format: UIDPAN<SPACE><12 digit Aadhaar><Space><10 digit PAN> Example : SMS to 567678 or 56161: UIDPAN 111122223333 AAAPA9999Q Through a-filing...
Read MoreIncome Tax - Link your PAN with your Bank Account… Get your refund directly, swiftly and securely in your bank account Income Tax Department will Issue only e-refunds from 01.03.2019 Refunds will be given only to bank accounts (savings/current/cash/OD) which are linked with PAN. To check if your bank account is linked with your PAN, login to e...
Read MoreIncome Tax - With effect from September 6, 2015, facility for digital signature certificate (DSC) based PAN application has been enabled in New PAN Form 49A for Individuals. Guideline for DSC based Online Application for New PAN Card in Form 49AA (a) An applicant will fill Form 49AA online and submit the form. Non-citizens of India should only [&helli...
Read MoreIncome Tax - Important Note: Instant e-PAN facility is Free of cost and instant allotment of e-Pan and is available only for a limited period on first come first serve basic for valid Aadhaar holders. Prerequisites for e-PAN: Applicant already having PAN should not apply for e-PAN The e-PAN facility is ONLY for resident individual (Except Minors and...
Read MorePCIT Vs. M/s I-Ven Interactive Limited (Supreme Court) - Mere mentioning of the new address in the return of income without specifically intimating the Assessing Officer with respect to change of address and without getting the PAN database changed, is not enough and sufficient....
Read MoreUnion Of India & Ors. Vs Shreya Sen & Anr. (Supreme Court of India) - Thereafter, this Court has decided the matter and upheld the vires of section 139AA of the Income Tax Act. In view thereof, linkage of PAN with Aadhar is mandatory....
Read MoreSardar Vallabhbhai Patel Education Society Vs. ITO (Gujarat High Court) - Mere allotment of PAN under section 139A of the Act would not make the allottee necessarily a separate entity for the purpose of assessment of tax. The statute recognizes certain eventualities where quite outside the requirement of payment of tax and for filing return of income, the Assessing Office...
Read MoreBinoy Viswam Vs Union Of India & Ors. (Supreme Court of India) - (i) We hold that the Parliament was fully competent to enact Section 139AA of the Act and its authority to make this law was not diluted by the orders of this Court. (ii) We do not find any conflict between the provisions of Aadhaar Act and Section 139AA of the Income Tax Act inasmuch as when interp...
Read MoreNagarjuna Fertilizers and Chemicals Limited Vs ACIT (ITAT Hyderabad) - Assessee cannot be held liable to deduct tax at higher of the rates prescribed in section 206AA in case of payments made to non-resident persons having taxable income in India in spite of their failure to furnish the Permanent Account Numbers....
Read MoreNotification No. 95/2019-Income Tax [G.S.R .825(E)] - (06/11/2019) - CBDT has notified vide Notification No. 95/2019 that in various income-tax forms and Rules the word ‘Permanent Account No.’ or ‘PAN’ is to be substituted by the words ‘Permanent Account Number or Aadhaar Number’. Changes has made it possible for A person, not havi...
Read MoreNotification No. 75/2019-Income Tax [S.O. 3539(E).] - (28/09/2019) - Extension of due date for linking of PAN with Aadhaar from 30.09.2019 to 31.12.2019 by CBDT vide Notification No. 75/2019 dated 28th of September, 2019...
Read MoreNotification No. 59/2019- G.S.R. 614(E) - (30/08/2019) - Any person, who has not been allotted a permanent account number but possesses the Aadhaar number and has furnished or intimated or quoted his Aadhaar number in lieu of the permanent account number in accordance with sub-section (5E) of section 139A, shall be deemed to have applied for allotment of ...
Read MoreITBA — ITR Processing Instruction No. 8 - (29/08/2019) - Criteria for generation of non filers: Any person holding valid PAN has not filed the return for the entered AY as well as for preceding 3 A.Y.s. Criteria for generation of stop filers: Any person holding valid PAN has not filed the return for the entered AY but filed the return for any of the prece...
Read MoreCircular No. 06/2019-Income Tax - (31/03/2019) - Returns which were filed prior to 01.04.2019 without quoting of Aadhaar number as an outcome of any decision of different High Courts in a specific case or returns which were filed during the period when the online functionality for filing the return without quoting of Aadhaar number was so availab...
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Notification No. 95/2019-Income Tax [G.S.R .825(E)] - (06/11/2019) -
PCIT Vs. M/s I-Ven Interactive Limited (Supreme Court) -
Notification No. 75/2019-Income Tax [S.O. 3539(E).] - (28/09/2019) -
Notification No. 59/2019- G.S.R. 614(E) - (30/08/2019) -
ITBA — ITR Processing Instruction No. 8 - (29/08/2019) -
